Myanmar’s waste-management startup RecyGlo raising US$900K to expand into Indonesia, Singapore
RecyGlo, a waste-management and data analytics startup based in Yangon, Myanmar, is in advanced stages of raising a US$900,000 investment round to expand in existing markets and foray into new ones.
The startup is currently raising a US$350,000 bridge funding and expects to make the final close of the ongoing round by the end of Q2.
The company, however, didn’t share the investors’ details.
“We started generating revenue from day one, and our 90 per cent of the contract is an advance payment. However, we still need to raise money for better product development, stronger tech team and expansion into multiple geographical areas in ASEAN,” RecyGlo‘s Co-founder Okka Phyo Maung told e27.
Conceptualised and founded in 2017 by Maung (CMO) and Shwe Yamin Oo (CEO), RecyGlo provides environmentally-friendly recycling solutions to enterprises in Myanmar and Malaysia.
Its services include initial waste audit, waste segregation and awareness training, setting up segregation bins, scheduling pick-up and waste collection, waste characteristics and analysis, and transporting to recycling plants. The firm also offers reports for waste data and an online dashboard for clients.
Over 90 per cent of the company’s revenue comes from B2B services (the B2B market consists of FMCG companies, telcos, oil & gas firms, and MSMEs).
It is also working with developers to scale the businesses to individual consumers and households.
“Myanmar is considered a frontier market where you can have the first-mover advantage, less competition and advantage. Therefore, our solution provides not just analytics tools but also logistics and a recycling platform through third-party suppliers and recycling factories. Our technology uses blockchain for traceability, AI for data collection and prediction,” said Maung.
RecyGlo operates on a subscription model. A part of the revenues also come from selling raw materials to its suppliers.
As for geographic expansion, the company is looking at markets such as Indonesia, Singapore and Cambodia. “We are now targeting Indonesia and Cambodia while growing in Malaysia and Singapore markets and have aggressive expansion plans. Our product is ready, and we can use the existing client base of multinationals, NGOs and regional companies initially and slowly go to the MSME and consumer markets,” he added.
RecyGlo has been part of several accelerator programmes, such as Accelerating Asia in Singapore and Katapult Ocean Accelerator Program in Norway. In February, it received a US$150,000 investment as part of the Katapult programme. Accelerating Asia also invested as part of the programme.
Myanmar’s Phandeeyar Accelerator is also an investor in RecyGlo.
According to Yamin, accelerators open up investor networks and new markets, giving them an opportunity to learn about the ecosystem.
“For us, accelerators helped us with growth and ability to scale, and we are confident that we are ready to go crazy, wild and build a Unicorn or Pegasus. The RecyGlo model will be applicable not just in ASEAN but also in Africa and any other parts of the world,” said Yamin Oo.